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Kenya-based KCB to pursue loan defaulters

KCB Group PLC CEO Joshua Oigara said the Kenyan bank, which is in the process of integrating National Bank of Kenya Ltd. into its operations, will step up efforts to pursue loan defaulters, Bloomberg News reported.

Oigara aims to reduce the combined group's nonperforming loan ratio to 8% from 12% during the course of 2020, the report noted.

KCB Group has announced that it will acquire all the ordinary shares of National Bank of Kenya through a share swap of 1 KCB ordinary share for every 10 National Bank of Kenya ordinary shares. State-owned National Bank of Kenya has a 49% nonperforming loan ratio, Bloomberg said.

As of Oct. 8, US$1 was equivalent to 103.77 Kenyan shillings.